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Office of Economic, Trade and Tourism Development Black Business Investment Fund of Central Florida, Inc. (BBIF) Micr

Office of Economic, Trade and Tourism Development Black Business Investment Fund of Central Florida, Inc. (BBIF) Micro Loan Program. Board of County Commissioners January 28, 2014. Micro Loan History.

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Office of Economic, Trade and Tourism Development Black Business Investment Fund of Central Florida, Inc. (BBIF) Micr

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  1. Office of Economic, Trade and Tourism Development Black Business Investment Fund of Central Florida, Inc. (BBIF) Micro Loan Program Board of County Commissioners January 28, 2014

  2. Micro Loan History • The Minority/Women Business Enterprise Alliance, Inc. focused on developing resources for small businesses • The County provided funding to the Alliance since FY 1998 • The Alliance closed and filed bankruptcy in 2009 • If The Alliance was still operational, the funding would have been: • FY 2008-09 $80,599 • FY 2009-10 $72,539 (10% cut) • FY 2010-11 $67,461 (7% cut)

  3. Micro Loan History FY 2010-11 • During July 2010 Budget Worksessions, Commissioner Moore-Russell requested that the Alliance funding be allocated to BBIF • August 2010 - BBIF provided the Board with information about the Micro Loan Program • Board approved a one-time amount of $67,461 for FY 2010-11 • July 2011 - BBIF provided the Board an update on the newly implemented Micro Loan Program

  4. Micro Loan History FY 2011-12 • BBIF requested additional funding for the Micro Loan Program during the July 2011 Budget Worksessions • August 2011 - the Board approved the FY 2011-12 Infrastructure & Community Projects which included one-time BBIF Micro Loan funding of $50,000 FY 2012-13 • BBIF requested additional funding for the Micro Loan Program during the July 2012 Budget Worksessions • Board approved a one-time amount of $75,000 for FY 2012-13

  5. Micro Loan History Budget Process • Funding for outside agencies is based on budget guidelines developed annually • Due to its approval as a one-time expenditure in previous years, Micro Loan Program funding was not part of the normal budget process and requires separate consideration

  6. BBIF Funding History

  7. Office of Economic, • Trade and Tourism Development • Black Business Investment Fund • of Central Florida, Inc. (BBIF) • Micro Loan Program Board of County Commissioners January 28, 2014

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